The Board of IPE Group Limited announced Ms. Zeng has been appointed as a non-executive Director with effect from 2 June 2017; Mr. Yang has been appointed as an independent non-executive Director, and member of each of the Audit Committee, Remuneration Committee and Nomination Committee with effect from 2 June 2017; and Mr. Cheung has been appointed as an independent non-executive Director, and member of each of the Audit Committee, Remuneration Committee and Nomination Committee with effect from 2 June 2017. Mr. Zeng, an executive Director, has been re-designated as the Chairman of the Board, and the chairman of each of the Executive Committee and Nomination Committee (to replace Mr. Chui) with effect from 2 June 2017. Mr. Chui remains as an executive Director, chief executive officer and a member of both committees. Mr. Choi has tendered his resignation as an independent non-executive Director with effect from 2 June 2017 and has ceased to act as a member of each of the Audit Committee, Remuneration Committee and Nomination Committee with effect from 2 June 2017; Mr. Wu has tendered his resignation as an independent non-executive Director with effect from 2 June 2017 and has ceased to act as a member of each of the Audit Committee, Remuneration Committee and Nomination Committee with effect from 2 June 2017; and Each of Mr. Ho, Mr. Li and Mr. Yuen has stepped down and assumed a functional role in the Group but would not be an executive Director and a member of the Executive Committee with effect from 2 June 2017. Ms. Zeng, currently is the financial controller of China Baoan Group Assets Management Co. Ltd. Currently, Mr. Yang is an independent non-executive director of Kantone Holdings Limited. He is also independent director of Ping An Bank Co. Ltd. since February 2017 and Shenzhen Qianhai Webank since December 2014. Mr. Cheung, is currently the managing director of Blackfriars Asset Management. In addition to the above changes, with effect from 2 June 2017: Mr. Chui has also ceased to act as the chairman of the Executive Committee and the Nomination Committee but remains as a member of both committees; Mr. Zeng has been appointed as the chairman of the Executive Committee and the Nomination Committee in place of Mr. Chui, and he has also been appointed as a member of the Remuneration Committee; and Mr. Wu Kai Ping has been appointed as a member of the Executive Committee.